StockX acquires inventory management tool Scout
StockX has announced the acquisition of Scout, an inventory management solution that enables its global customers to grow and scale their operations.
The Detroit-based resale platform's first major purchase is designed to provide automation and inventory management for alternative assets, which will further 'streamline selling experience on StockX'.
The deal, which was undisclosed, will see Scout's three co-founders and seven employees join StockX in product, engineering and account management positions. Scout will continue to operate as an independent service, allowing sellers to distribute their supply through multiple marketplaces.
Scott Cutler, StockX CEO, said in a statement: "StockX is fiercely committed to unlocking economic opportunity for our global community and this acquisition is one of many investments we’re making to ensure we deliver on that promise."
The acquisition is part of StockX's efforts to expand its platform. In 2020, the company opened three new authentication centers in Hong Kong, Toronto, and Portland, Oregon on the back of record growth.
In December, StockX raised $275 million in Series E funding, which the company plans to use to kickstart its international growth.